Banks, Financial Services, Latvia, Lithuania

International Internet Magazine. Baltic States news & analytics Saturday, 20.07.2019, 16:53

Specialized Latvian bank FinnQ entering Lithuania

BC, Vilnius, 10.08.2018.Print version
The Latvian-capital business group VIA SMS Group's specialized bank FinnQ is entering Lithuania, becoming the first specialized bank in the country. And the group's another financial services company, Vialet, will also start operations in Lithuania in the fall, informed LETA/BNS.

FinnQ CEO and board member Denis Sherstyukov says the bank will provide retail banking services.

"FinnQ is planned to be developed as a modern, hi-tech digital (online) bank that will provide similar services as retail banks do. Our prospective initial product and services portfolio will include lending and deposit products, an opportunity to open a bank account and acquire a payment card," he told.

The incoming bank plans to apply for a special bank license from the Bank of Lithuania in September and start operations over the next year. The bank is considering hiring 20 people.

VIA SMS Group operates one more company in Lithuania, VIA Payments, an e-payment company operating under the brand name VIALET. It plans to start providing e-banking services for private individuals and companies in the fall.

VIA SMS Group is an alternative financial services provider registered in Latvia and operating across Europe. Since its establishment in 2009 the company has expanded its operations to 7 countries, including Latvia, Lithuania, Sweden, Poland, the Czech Republic, Romania and Spain, and has 157 employees.

FinnQ was registered in Lithuania on Aug. 3, according to the Lithuanian Center of Registers, and its authorized capitals stands at 1 mln euros.

Lithuania hops to create a favorable environment for foreign start-up after specialized banks were legalized in the country last year.

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